Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

Lloyds surrender raises hopes of payouts on PPI as other banks may give up fight.


http://www.dailymail.co.uk/money/art...=feeds-newsxml


The banks' willingness to fight millions of borrowers who were wrongly sold insurance alongside their loans is crumbling.
Lloyds Banking Group effectively raised the white flag last week when it set aside £3.2 billion to cover the costs of assessing claims and paying compensation to those mis-sold payment protection insurance (PPI).
Its move should speed the way for Lloyds customers to apply for compensation. And it makes it more likely that other banks will back down. Lloyds had been part of a group of banks fighting a court action against the Financial Services Authority and the Financial Ombudsman Service over the rules for assessing mis-selling.



The banks, led by the British Bankers' Association, comprehensively lost in the High Court last month. The BBA and its members must decide by Tuesday whether to appeal.
But Lloyds, which includes Halifax and Bank of Scotland, says it wants to 'draw a line under the issue'. Chief executive Antonio Horta-Osorio, who joined from Santander in March, says: 'We do not want to continue a long-standing debate of this with the regulator.'
The bank has withdrawn from any further legal action. Lloyds was the biggest single seller of PPI with about 40 per cent of all policies in force.
Adam Phillips, chairman of the Financial Services Consumer Panel, says: 'The banks have got to change the way they treat customers. We hope the decision by Lloyds signals a change of approach.'
Richard Lloyd, executive director of consumer group Which?, says: 'The rest of Britain's banks must now follow suit and draw a line under the great PPI mis-selling scandal by withdrawing their legal challenge to the FSA and reimbursing the millions of customers who were mis-sold PPI.'


Taxpayer-owned Royal Bank of Scotland, the second-biggest PPI seller, told shareholders on Friday that it was still unable to estimate its liabilities for mis-selling, but admitted they could be 'material'. Tellingly, chief executive Stephen Hester said Lloyds' decision might now set a benchmark for future deals on PPI with the FSA.



Further details on above link.

[cappo]

Re: Latest updates on PPI Judicial Review and claims on hold

If AC's hat looks anything like that PF I might be sharing it, lol - although not sure ketchup and brown sauce would go with it

Personally as the pessimist of my family I fear they will appeal, but hope you and Di are right with your hunches!

we,ll all know soon enough

[nelliewops]

Re: Latest updates on PPI Judicial Review and claims on hold

AC,

Just for you enjoy!!!!!!!!!!!!!!!!!!!!

If AC's hat looks anything like that PF I might be sharing it, lol - although not sure ketchup and brown sauce would go with it

Personally as the pessimist of my family I fear they will appeal, but hope you and Di are right with your hunches!

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

AC,

Just for you enjoy!!!!!!!!!!!!!!!!!!!!

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

Not forgetting that, I promised to eat my hat (with ketchup and brown sauce) if they do not appeal.

However,

:
"It is shameful that some in the banking industry are still refusing to admit to the scale of PPI misselling and compensate consumers,” Adam Phillips, the chairman of the consumer panel, said in a statement. “It is time for the banks to stop hiding behind expensive lawyers.”

So, what will the decision be;
Profits or, respect for the Regulator?

No doubt, the press will be snapping at the heels of the Banks, whatever the outcome.

[cappo]

Re: Latest updates on PPI Judicial Review and claims on hold

Fingers crossed folks, my hunch is that since lloyds, the other banks will do the same, I just hope my hunches are right, they better be lol.

and we,ll hold you to that one di ha ha

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

Indeed and I am expecting the anouncement on monday that they too are pulling out and once that happens the rest will fall like a pack of cards.

Tuesday we will get the anouncement from the BBA that they will not be appealling the Judgment.

Keep the faith everyone as it is all going in our direction

Fingers crossed folks, my hunch is that since lloyds, the other banks will do the same, I just hope my hunches are right, they better be lol.

[cappo]

Re: Latest updates on PPI Judicial Review and claims on hold

Indeed and I am expecting the anouncement on monday that they too are pulling out and once that happens the rest will fall like a pack of cards.

Tuesday we will get the anouncement from the BBA that they will not be appealling the Judgment.

Keep the faith everyone as it is all going in our direction

we,ll hold you to that one p.f lol

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Re: Mr. Hester, his appointment came after the catastrophic failure of the Royal Bank in 2008;
a failure that almost brought this country to its knees.

Feeling sure that Mr. Hester may agree that, prior to 2008 and when Fred Goodwin presided over RBS; 2000-2008. RBS agreed to comply with the ABI and GISC codes of practice re: the selling of payment protection insurance.

The Royal Bank was dubbed as the: Reckless and Irresponible Lending Bank...
http://www.dailymail.co.uk/news/arti...28billion.html

Reckless, irresponsible and negligent with their selling of general Insurance, (PPI) also.

RBS, took the money in the form of useless PPI premiums plus interest and; they should pay the money back.

The is no wiggle room for RBS!

Indeed and I am expecting the anouncement on monday that they too are pulling out and once that happens the rest will fall like a pack of cards.

Tuesday we will get the anouncement from the BBA that they will not be appealling the Judgment.


Keep the faith everyone as it is all going in our direction

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

...But chiefs are said to be furious at regulators demanding they retrospectively assess all cases

Re: Mr. Hester, his appointment came after the catastrophic failure of the Royal Bank in 2008;
a failure that almost brought this country to its knees.

Feeling sure that Mr. Hester may agree that, prior to 2008 and when Fred Goodwin presided over RBS; 2000-2008. RBS agreed to comply with the ABI and GISC codes of practice re: the selling of payment protection insurance.

The Royal Bank was dubbed as the: Reckless and Irresponible Lending Bank...
http://www.dailymail.co.uk/news/arti...28billion.html

Reckless, irresponsible and negligent with their selling of general Insurance, (PPI) also.

RBS, took the money in the form of useless PPI premiums plus interest and; they should pay the money back.

There is no wiggle room for RBS!

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

RBS is facing £1bn insurance payout


http://www.thesun.co.uk/sol/homepage...e-scandal.html

CUSTOMERS ripped off by shame-faced ROYAL BANK OF SCOTLAND in the payment protection insurance scandal could get £1BILLION back from the bailed-out institution.

The bank's chief executive Stephen Hester yesterday admitted RBS faced a whopping bill over the missold policies.
But he refused to join fellow culprits LLOYDS in setting aside an exact amount of cash - ahead of an industry-wide admission of guilt that could come on Monday.

The floodgates will open if the British Bankers Association throws in the towel by deciding not to appeal against a High Court ruling in favour of customers banks preyed on.
PPI was meant to protect people who fell ill or lost their jobs, leaving them unable to pay their bills, but became a money-making machine for the banks and credit card companies who often bulldozed borrowers into buying policies that rarely paid out.
Conned customers were led to believe they would not get the loan unless they bought the cover.

Mr Hester yesterday would only say RBS expected its compensation bill to be around "a third" of the £3.2billion announced by fellow taxpayer-rescued bank LLOYDS on Thursday after it decided not to appeal against the High Court judgment.

Mr Hester - who said the rival bank's decision "came as a surprise" - added in the understatement of the year: "I do think PPI was not the industry's finest hour.
"There are PPI policies that were sold incorrectly and consumers need to be refunded.
"But we are not going to talk about what the BBA may or may not decide during a results call."
Insiders claim the banks all agree they have to pay out. But chiefs are said to be furious at regulators demanding they retrospectively assess all cases - claiming that this could set a precedent.

RBS remained rooted in the red yesterday with first quarter losses of £528million - almost DOUBLE the £248million loss this time a year ago.
Mr Hester put this down to a wave of accounting charges - plus write-offs in Ireland.
He insisted that the "core" RBS business was "progressing along the recovery path".
Profits in RBS's high street arm - which includes NATWEST - were almost four times higher at £508million.
The insurance business - home to CHURCHILL and DIRECT LINE - moved back into the black for the first time in over a year.
But much-needed lending to small firms fell 7 per cent in the last quarter.

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

AC, was the quote yesterday?
To be honest, the quote seems to indicate that they will appeal. (I know some people might not read the last post on a page but it is quite an interesting quote).

Yes leclerc, 6th May 2011.

I would say that Mr. Hester is somewhat undecided, same applies to Barclays.

One would imagine that the task of Marcus Agius may prove to be somewhat arduous:
http://www.guardian.co.uk/business/2...ing-commission
------------------------------- merged -------------------------------
http://www.guardian.co.uk/business/2...cutive-bonuses

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

I still believe that this will not go unnoticed in the court room if it gets that far of course.

I know what you're saying.

In fact the judgment proved that the courts know a climb down when they see one:


''After the commencement of these proceedings, the FSA made a statement saying that it feared that the Open Letter was being misinterpreted. This was seen as something of a climb down by the BBA.''

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Yes thats the jist of it, nail squarely on the head.

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

http://www.insuranceage.co.uk/insura...urt-ppi-ruling

FSCS pledges to target insurers in 
the wake of High Court PPI ruling


More to follow on link above.....